![]() ![]() Resources to develop and build infrastructure and repeatable process: corporate development, sales and marketing, capital markets, M&A integration, IT, HR and talent management, finance and reporting.Ability to start small and execute ambitious growth plans.Buy-and-build with 2/3's of our portfolio highly acquisitive, averaging eight add-ons per company. ![]() ![]() Business services, technology and software.Flexible ownership and structuring parameters but always partnership-oriented.Equity investments of $50 million - $250 million per transaction (up to $500 million with LP coinvest) and total enterprise value of $75 million - $750 million.Partnered with management to lead a control recapitalization of this global credit rating agency launched post-Dodd Frank and now a leader in various capital market segments positioned to grow and take share with market tailwinds and execution prowess.Ĭontrol recapitalization driven by founders' desire for a value-added partner to help develop and execute a strategic plan to transform SDS into a broader business process automation platform for healthcare payers and providers. Parthenon's extensive track record in wealth management (particularly accounting-focused firms) and operational resources made it the ideal partner to carve-out RSM's wealth management division and help advisors best serve their clients and position the business for growth. In turn, such problems could have a chilling effect on the securitization market, he said.Parthenon's eighth platform investment in the integrated payments space with this investment thesis centered on opportunity to build-out B2B payment offerings and create the turnkey, market-leading eprocurement software and solutions platform for the hospitality industry.Ī long-term relationship with its founder/operator culminated in a large minority investment and facilitated a generational management succession plan and positions the business to further develop and execute new growth initiatives. "I think there will be additional trusts that don't perform and will require similar actions." Berman predicted that there will be additional fallout from subprime card lending. With the loans closed to new purchases, bondholders will receive cash from the securities only as customers pay off their balances. The loans MBIA has assigned to CardWorks - which owns the subprime card issuer Merrick Bank Corp., and the consulting and management firm Cardholder Management Services - are packaged in securities, with bondholders carrying the risk of losses. Under the 10-year deals, the Dallas-based portfolio management company will set up card programs in the names of each of Spiegel's three store brands. ![]() On May 6, Spiegel announced that it would collect what it could from its bad loan portfolio, and, separately, build a new private-label business through deals with Alliance Data Systems Corp. The retail stores remain open for business. Problems with its card business threatened to bring the parent company's operations to a halt, and it has shut down the credit arm while it reorganizes under bankruptcy protection. The Spiegel portfolio consists of loans made to customers of the Spiegel, Eddie Bauer, and Newport News store chains, all of which were owned by the Downers Grove, Ill.-based subsidiary of Spiegel Group. Berman said, especially if the loans are made to people with weak credit histories, who are typical customers for store cards. The history of these troubled portfolios may make bondholders, who stand to lose from unpaid balances, more leery of buying card-backed securities in the future, Mr. of San Francisco after bank regulators shut it down last year. He said he could only think of one other instance where that happened - Merrick Bank Corp., a South Jordan, Utah, unit of CardWorks, bought approximately $200 million of cancelled loans from NextCard Inc. Berman said it is nothing new for his company to collect on closed accounts, he called it unusual to be called in as a successor servicer on a portfolio, and to take over for a shuttered bank. ![]()
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